Billionaire former basketball player Earvin “Magic” Johnson expanded his professional sports team portfolio and joined the Washington Spirit, a professional women’s soccer team, as an investor, the club announced Thursday.
Earvin “Magic” Johnson is also an investor in the NFL’s Washington Commanders, MLB’s Los Angeles ... [+]
Johnson’s investment in the National Women’s Soccer League team comes two years after Michele Kang bought the team fromSteve Baldwin, who sold it following allegations of players being emotionally abused.
Johnson is also a partial owner of the NFL’s Washington Commanders, MLB’s Los Angeles Dodgers, WNBA’s Los Angeles Sparks, MLS’ Los Angeles FC and Team Liquid, an eSports franchise.
Kang, who will remain controlling owner, said in a press release Thursday Johnson’s commitment to the team and league “not only reflects the strength of our club, players, fans and brand, but also sends a powerful message about the growth and impact of women’s sports globally.”
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The details of Johnson’s investment. The Spirit did not disclose what Johnson invested.
Kang bought the Washington Spirit after they won the NWSL championship in 2021 for a then-NWSL record $35 million, and has grown their fan engagement and attendance significantly in two years. The team said average attendance at their games increased from 5,000 to nearly 14,000 since she took over. The Spirit are based in Washington, D.C., and were founded in 2012, the year the league began.
Johnson is just the latest wealthy figure to get involved in a NWSL team. In July, Disney CEO Bob Iger and his wife Willow Bay became the new controlling owners of Angel City Football Club, which boosted that team to have the highest valuation of any professional women’s sports team at $250 million.
How the team performs the rest of the season. The Spirit are 12-4-2 and ranked second in the league behind the Orlando Pride, and the playoffs begin in November. Johnson went on “CBS Mornings” to discuss the news of his investment Thursday, and challenged the Spirit to bring home a championship, noting that his other teams have 14 total championships and saying, “I need my 15th now.”
We estimate Johnson to have a net worth of about $1.2 billion as of Thursday, making him the 2,508th-wealthiest person in the world. Only some of Johnson’s wealth came from his time as a player for the Los Angeles Lakers, and he made the rest through joint venture partnerships in things like movie theaters, Starbucks franchises and real estate. The majority of his wealth comes from his 60% ownership stake in Equitrust, a life insurance company.